Anyone currently deciding whether to become their own boss by buying a business should be encouraged by the new National Australian Bank (NAB) report on entrepreneurship.
The report concluded that one in three Australians want to own their own business, proving Australia’s start-up culture is very much alive and well. Around 1 in 10 said they had already started their own business.
By age, almost 1 in 2 young Australians (18-29) said they would rather start their own business, compared to 39% of middle-aged Australians (30-49) and 19% of over 50s. By gender, men (35%) were keener to start their own business than women (29%). This could reflect greater concern among women in having continuity of employment post childbirth and the loss of potential maternity benefits.
The most popular industries in which Australians wanted to own their own businesses were hospitality, retail, IT and personal services, and most budding entrepreneurs said they would go it alone or with their spouse or partner.
Interestingly, around 40% of budding entrepreneurs, and 75% of existing business owners, said they needed less than $50,000 to get their business off the ground.
NAB’s Executive General Manager for Micro and Small Business, Leigh O’Neill, said a healthy start-up sector is critical to fostering a new wave of growth for the Australian economy.
“Small businesses are so important to creating future jobs and economic growth, and understanding their motivations and needs means we can help support the right ecosystems for growth,” he said.
“We see plenty of small business owners juggling full time jobs while setting up their new ventures. They have huge amounts of excitement and energy, but very little time, so they need things to be simple, quick and connected.”